HOME BROWSE SALARIES BEST PAYING JOBS
Browse Salaries
Best Paying Jobs
Salary Increase Letters
Career Articles

Accounting and Finance Average Salaries in Jamaica 2020

How much money does a person working in Accounting and Finance make in Jamaica?


Average Monthly Salary
99,200 JMD
( 1,190,000 JMD yearly)

LOW
40,200
JMD
AVERAGE
99,200
JMD
HIGH
199,000
JMD

A person working in Accounting and Finance in Jamaica typically earns around 99,200 JMD per month. Salaries range from 40,200 JMD (lowest average) to 199,000 JMD (highest average, actual maximum salary is higher).

This is the average monthly salary including housing, transport, and other benefits. Salaries vary drastically between different Accounting and Finance careers. If you are interested in the salary of a particular job, see below for salaries for specific job titles.

Salaries for specific jobs

Job TitleAverage Salary
Account Examiner54,700 JMD
Account Executive85,700 JMD
Accountant71,600 JMD
Accounting Assistant56,400 JMD
Accounting Associate51,300 JMD
Accounting Clerk42,800 JMD
Accounting Coordinator65,600 JMD
Accounting Manager143,000 JMD
Accounting Supervisor99,300 JMD
Accounting Technician50,800 JMD
Accounts Executive93,200 JMD
Accounts Payable and Receivable Specialist69,800 JMD
Accounts Payable Clerk50,500 JMD
Accounts Payable Manager135,000 JMD
Accounts Receivable Clerk51,100 JMD
Accounts Receivable Manager135,000 JMD
Assistant Accounting Manager132,000 JMD
Assistant Auditor70,400 JMD
Audit Supervisor130,000 JMD
Auditing Clerk56,100 JMD
Auditing Manager152,000 JMD
Billing Coordinator66,400 JMD
Billing Specialist72,900 JMD
Billing Supervisor103,000 JMD
Bookkeeper44,500 JMD
Bookkeeping Specialist69,300 JMD
Budget Analyst117,000 JMD
Budget Manager141,000 JMD
Business Support Analyst79,300 JMD
Capital Markets Associate109,000 JMD
Cash Flow Analyst104,000 JMD
Cash Management Officer80,000 JMD
Cashbook Clerk46,400 JMD
Chartered Accountant89,500 JMD
Collections Clerk43,600 JMD
Collections Specialist73,700 JMD
Corporate Treasurer138,000 JMD
Cost Accountant70,500 JMD
Cost Accounting Manager144,000 JMD
Cost Analyst117,000 JMD
Credit and Collection Manager137,000 JMD
Credit and Collection Staff52,600 JMD
Credit and Loans Officer53,100 JMD
Credit Controller100,000 JMD
Debt Adviser115,000 JMD
Debt Collector56,500 JMD
Debtors Clerk48,900 JMD
Deputy CFO190,000 JMD
Derivative Trader124,000 JMD
Escrow Assistant60,100 JMD
External Auditor103,000 JMD
Finance Associate61,000 JMD
Finance Executive156,000 JMD
Finance Licensing Clerk51,100 JMD
Finance Licensing Manager136,000 JMD
Finance Licensing Specialist77,600 JMD
Finance Officer68,000 JMD
Finance President206,000 JMD
Finance Relationship Manager169,000 JMD
Finance Release Analyst77,600 JMD
Finance Team Leader 164,000 JMD
Financial Actuary112,000 JMD
Financial Administrator114,000 JMD
Financial Analyst131,000 JMD
Financial Applications Specialist88,900 JMD
Financial Assistant57,600 JMD
Financial Associate58,800 JMD
Financial Claims Analyst95,300 JMD
Financial Claims Manager127,000 JMD
Financial Commercial Analyst106,000 JMD
Financial Compliance Analyst115,000 JMD
Financial Consultant93,900 JMD
Financial Controller114,000 JMD
Financial Coordinator61,900 JMD
Financial Customer Service Manager123,000 JMD
Financial Dealer and Broker78,200 JMD
Financial Encoder59,900 JMD
Financial Manager196,000 JMD
Financial Operations Manager172,000 JMD
Financial Policy Analyst114,000 JMD
Financial Project Manager150,000 JMD
Financial Quantitative Analyst126,000 JMD
Financial Reporting Consultant104,000 JMD
Financial Reporting Manager141,000 JMD
Financial Services Sales Agent74,100 JMD
Fixed Assets Administrator70,400 JMD
Forensic Accountant85,500 JMD
Fraud Detection Supervisor83,500 JMD
Fraud Prevention Manager139,000 JMD
Fund Accountant65,600 JMD
Grants Coordinator52,800 JMD
Internal Auditor98,800 JMD
Internal Control Adviser107,000 JMD
Internal Control Officer59,400 JMD
Inventory Accountant74,100 JMD
Investment Analyst137,000 JMD
Investment Fund Manager164,000 JMD
Investment Underwriter62,800 JMD
Investor95,500 JMD
Investor Relations Manager135,000 JMD
KYC Team Leader143,000 JMD
Management Economist157,000 JMD
Paymaster59,200 JMD
Payroll Clerk63,100 JMD
Payroll Manager133,000 JMD
Pensions Administrator71,300 JMD
Pricing Analyst121,000 JMD
Private Equity Analyst126,000 JMD
Proposal Development Coordinator59,900 JMD
Receivables Accountant65,400 JMD
Regulatory Accountant79,400 JMD
Retirement Plan Analyst108,000 JMD
Revenue Management Specialist113,000 JMD
Revenue Recognition Analyst137,000 JMD
Risk Management Director163,000 JMD
Risk Management Supervisor135,000 JMD
Tax Accountant63,500 JMD
Tax Advisor107,000 JMD
Tax Associate57,500 JMD
Tax Manager140,000 JMD
Teller41,400 JMD
Treasury Accountant73,700 JMD
Treasury Analyst115,000 JMD
Underwriter51,000 JMD
Underwriting Assistant48,200 JMD
Vice President of Finance186,000 JMD

Accounting and Finance Jobs Salary Distribution in Jamaica

Median and salary distribution monthly Jamaica Accounting and Finance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/jamaica/accounting-and-finance/median-and-salary-distribution-monthly-jamaica-accounting-and-finance.jpg

The median, the maximum, the minimum, and the range

  • Salary Range

    Accounting and Finance salaries in Jamaica range from 40,200 JMD per month (minimum average salary) to 199,000 JMD per month (maximum average salary, actual maximum is higher).

  • Median Salary

    The median salary is 91,300 JMD per month, which means that half (50%) of people working in Accounting and Finance are earning less than 91,300 JMD while the other half are earning more than 91,300 JMD. The median represents the middle salary value. Generally speaking, you would want to be on the right side of the graph with the group earning more than the median salary.

  • Percentiles

    Closely related to the median are two values: the 25th and the 75th percentiles. Reading from the salary distribution diagram, 25% of people working in Accounting and Finance are earning less than 59,200 JMD while 75% of them are earning more than 59,200 JMD. Also from the diagram, 75% of people working in Accounting and Finance are earning less than 134,000 JMD while 25% are earning more than 134,000 JMD.


What is the difference between the median and the average salary?

Both are indicators. If your salary is higher than both of the average and the median then you are doing very well. If your salary is lower than both, then many people are earning more than you and there is plenty of room for improvement. If your wage is between the average and the median, then things can be a bit complicated. We wrote a guide to explain all about the different scenarios. How to compare your salary

Salary Comparison by Years of Experience

How does a person's salary progress over time?

Salary Comparison By Experience Level
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-by-experience.jpg

The experience level is the most important factor in determining the salary. Naturally the more years of experience the higher the wage.

Generally speaking, employees having experience from two to five years earn on average 32% more than freshers and juniors across all industries and disciplines.

Professionals with experience of more than five years tend to earn on average 36% more than those with five years or less of work experience.


Change in salary based on experience varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of many different jobs. To view accurate figures, choose a specific job title.

As you hit the ten years mark, the salary increases by 21% and an additional 14% for those who have crossed the 15 years mark.

Those figures are presented as guidelines only. The numbers become more significant if you consider one job title at a time.

On average, a person's salary doubles their starting salary by the time they cross the 10 years* experience mark.
* Based on the average change in salary over time. Salary variations differ from person to person.

Salary Comparison By Education

How does the education level affect your salary?

Salary Comparison By Education
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-comparison-by-education.jpg

It is well known that higher education equals a bigger salary, but how much more money can a degree add to your income? We compared the salaries of professionals at the same level but with different college degrees levels across many jobs, below are our findings.


Change in salary based on education varies drastically from one location to another and depends hugely on the career field as well. The data displayed here is the combined average of multiple jobs. To view accurate figures, choose a specific job title.

Workers with a certificate or diploma earn on average 17% more than their peers who only reached the high school level.

Employees who earned a Bachelor's Degree earn 24% more than those who only managed to attain a cerificate or diploma.

Professionals who attained a Master's Degree are awarded salaries that are 29% more than those with a Bachelor's Degree.

Finally, PhD holders earn 23% more than Master's Degree holders on average while doing the same job.


Is a Master's degree or an MBA worth it? Should you pursue higher education?

A Master's degree program or any post-graduate program in Jamaica costs anywhere from 482,000 Jamaican Dollar(s) to 1,450,000 Jamaican Dollar(s) and lasts approximately two years. That is quite an investment.

You can't really expect any salary increases during the study period, assuming you already have a job. In most cases, a salary review is conducted once education is completed and the degree has been attained.

Many people pursue higher education as a tactic to switch into a higher paying job. The numbers seem to support this tactic. The average increase in compensation while changing jobs is approximately 10% more than the customary salary increment.

The decision really depends on your situation and experience among many other factors. Putting all variables aside, if you can afford the costs of higher education then the return on investment is definitely worth it. You should be able to recover the costs in roughly a year or so.

Accounting and Finance Salary Comparison By Gender

Salary comparison by gender monthly Jamaica Accounting and Finance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/jamaica/accounting-and-finance/salary-comparison-by-gender-monthly-jamaica-accounting-and-finance.jpg

Though gender should not have an effect on pay, in reality, it does. So who gets paid more: men or women? Male employees in Jamaica who work in Accounting and Finance earn 6% more than their female counterparts on average.

Male
102,000 JMD
Female-5%
96,300 JMD
Percentage increase and decrease are relative to the previous value

Salary Comparison By Gender in Jamaica for all Careers

Salary comparison by gender monthly Jamaica
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/jamaica/salary-comparison-by-gender-monthly-jamaica.jpg

Accounting and Finance Average Annual Salary Increment Percentage in Jamaica

How much are annual salary increments in Jamaica for Accounting and Finance professionals? How often do employees get salary raises?

Accounting and Finance

Accounting and Finance professionals in Jamaica are likely to observe a salary increase of approximately 7% every 26 months. The national average annual increment for all professions combined is 5% granted to employees every 28 months.

Annual Salary Increment Rate Jamaica Accounting and Finance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/jamaica/accounting-and-finance/annual-salary-increment-rate-jamaica-accounting-and-finance.jpg


The figures provided here are averages of numbers. Those figures should be taken as general guidelines. Salary increments will vary from person to person and depend on many factors, but your performance and contribution to the success of the organization remain the most important factors in determining how much and how often you will be granted a raise.

Jamaica / All Professions

The term 'Annual Salary Increase' usually refers to the increase in 12 calendar month period, but because it is rarely that people get their salaries reviewed exactly on the one year mark, it is more meaningful to know the frequency and the rate at the time of the increase.

How to calculate the salary increment percentage?

The annual salary Increase in a calendar year (12 months) can be easily calculated as follows: Annual Salary Increase = Increase Rate x 12 ÷ Increase Frequency

The average salary increase in one year (12 months) in Jamaica is 2%.

Annual Increment Rate By Industry 2019

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Listed above are the average annual increase rates for each industry in Jamaica for the year 2019. Companies within thriving industries tend to provide higher and more frequent raises. Exceptions do exist, but generally speaking, the situation of any company is closely related to the economic situation in the country or region. These figures tend to change frequently.


Worldwide Salary Raises: All Countries and All Jobs

Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/images/salary-increment-world.jpg

Accounting and Finance Bonus and Incentive Rates in Jamaica

How much and how often are bonuses being awarded?Annual Salary Bonus Rate Jamaica Accounting and Finance
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/jamaica/accounting-and-finance/annual-salary-bonus-rate-jamaica-accounting-and-finance.jpg

Accounting and Finance is considered to be a high bonus-based field due to the generally limited involvement in direct revenue generation, with exceptions of course. The people who get the highest bonuses are usually somehow involved in the revenue generation cycle.

44% of surveyed staff in Accounting and Finance reported that they haven't received any bonuses or incentives in the previous year while 56% said that they received at least one form of monetary bonus.

Those who got bonuses reported rates ranging from 6% to 7% of their annual salary.

Received Bonus
56%
No Bonus
44%

Types of Bonuses Considered

Individual Performance-Based Bonuses

The most standard form of bonus where the employee is awarded based on their exceptional performance.

Company Performance Bonuses

Occasionally, some companies like to celebrate excess earnings and profits with their staff collectively in the form of bonuses that are granted to everyone. The amount of the bonus will probably be different from person to person depending on their role within the organization.

Goal-Based Bonuses

Granted upon achieving an important goal or milestone.

Holiday / End of Year Bonuses

These types of bonuses are given without a reason and usually resemble an appreciation token.

Bonuses Are Not Commissions!

People tend to confuse bonuses with commissions. A commission is a prefixed rate at which someone gets paid for items sold or deals completed while a bonus is in most cases arbitrary and unplanned.


What makes a position worthy of good bonuses and a high salary?

The main two types of jobs

Revenue GeneratorsSupporting Cast

Employees that are directly involved in generating revenue or profit for the organization. Their field of expertise usually matches the type of business.

Employees that support and facilitate the work of revenue generators. Their expertise is usually different from that of the core business operations.

Example:
A graphics designer working for a graphics designing company.

Example:
A graphic designer in the marketing department of a hospital.


Revenue generators usually get more and higher bonuses, higher salaries, and more frequent salary increments. The reason is quite simple: it is easier to quantify your value to the company in monetary terms when you participate in revenue generation.

Try to work for companies where your skills can generate revenue. We can't all generate revenue and that's perfectly fine.

Bonus Comparison by Seniority Level

Top management personnel and senior employees naturally exhibit higher bonus rates and frequencies than juniors. This is very predictable due to the inherent responsibilities of being higher in the hierarchy. People in top positions can easily get double or triple bonus rates than employees down the pyramid.

Accounting and Finance Hourly Average Wage in Jamaica


570 JMD per hour

The average hourly wage (pay per hour) in Jamaica is 570 JMD. This means that the average person in Jamaica earns approximately 570 JMD for every worked hour.


Hourly Wage = Annual Salary ÷ ( 52 x 5 x 8 )

The hourly wage is the salary paid in one worked hour. Usually jobs are classified into two categories: salaried jobs and hourly jobs. Salaried jobs pay a fix amount regardless of the hours worked. Hourly jobs pay per worked hour. To convert salary into hourly wage the above formula is used (assuming 5 working days in a week and 8 working hours per day which is the standard for most jobs). The hourly wage calculation may differ slightly depending on the worked hours per week and the annual vacation allowance. The figures mentioned above are good approximations and are considered to be the standard. One major difference between salaried employees and hourly paid employees is overtime eligibility. Salaried employees are usually exempt from overtime as opposed to hourly paid staff.

Accounting and Finance VS Other Jobs

Salary Comparison Between Accounting and Finance and Accounting and Finance monthly Jamaica
Share This Chart
        Get Chart Linkhttp://www.salaryexplorer.com/charts/jamaica/accounting-and-finance/salary-comparison-between-accounting-and-finance-and-accounting-and-finance-monthly-jamaica.jpg

The average salary for Accounting and Finance is 3% more than that of All Jobs.

Salary Comparison By City

CityAverage Salary
Kingston109,000 JMD

Government vs Private Sector Salary Comparison

Where can you get paid more, working for a private company or for the government? Public sector employees in Jamaica earn 10% more than their private sector counterparts on average across all sectors.

Private Sector
93,500 JMD
Public Sector+10%
103,000 JMD
Percentage increase and decrease are relative to the previous value

Browse Salaries

Salary Increase Letters

Best Paying Jobs
HomePrivacy PolicySalary Comparison

©Salary Explorer 2020